Why we must eliminate the gap in wealth distribution

Sunday, June 8, 2014

Good morning:

Black Star Journal is reporting,

WASHINGTON (NNPA) – The growing racial wealth gap – $200 in median wealth for Blacks in 2011 and $23,000 for Whites – threatens national economic security in the United States, according to a recent report by the Center for Global Policy Solutions.

“When it comes to the racial gap in liquid wealth, African Americans and Latinos are nearly penniless,” stated the report. “The median liquid wealth of Whites is over 100 times that of Blacks.”

The report said that when retirement savings are taken out of the analysis, the disparities in liquid wealth are even more disturbing.

“Blacks are found to hold a mere $25 and Latinos just $100 in liquid wealth, compared to $3,000 held by the typical White household,” the report said.

During a press conference on the report on Capitol Hill, Rep. Keith Ellison (D-Minn.) said that the racial gap is not some product of changes in the economy.

“It’s our tax policy, designed to help the rich, It’s also our trade policy, off-shoring our jobs and it’s also the attack on unions,” said Ellison.

Wealth disparity did not happen by accident and it will continue to increase unless we put an end to it.

To find out more, please read Beyond Broke, Why Closing the Racial Wealth Gap is a Priority for National Economic Security. The article was published by the Center for Global Policy Solutions.

21 Responses to Why we must eliminate the gap in wealth distribution

  1. J4TMinATL says:

    Dunnster trial set for September 22nd.

  2. colin black says:

    It cant work like that

    Men like Ford’,Bill Gates et al visionarys whom start buisnesses on a wing and a prayer.
    Or Howard Hughes whom turned his Inheritence of a dillapted tool manufactureing factory into a Global Media Film Brazziere plane building plus fist major American Airways .

    Must be rewarded for there endevours .
    Ford although anti union to the core .
    Done more for workers rights than any emplyee b4 him or any union.

    He built utopian towns to house his work force .
    Was the first to pay five dollars a day………!

    Back in the day when 5 dollars a week when 5 dollars was the equivilent of fifty an 50 dollars a shitload of spondhoolahs .

    Although all the money was s;pent in his shops in his towns he did care foe the wefare of his workforce.

    Was it charitible .

    Hell No.

    He realised a well fed well rested comfartble workfoce was a happy an productive labour force.

    So In mu opine

    Men of this stature and vision must be compensated if they have the drive.
    They allow thousands of lesser mortals to thrive an raise happy familys.

    And p;roduce the next mogul or nobel prize winner.

    If we curtail peoples drive to earn money through inotive thoughts and inventions .

    People will say why bother .

    Why should I work my butt of to develop the neext big thing if its only going to be handed over to some faceless commity to ruin as they dont have my acumen.

    And eveentuall the human race would stop evolveing tech wise.
    An then begin to devolve.

    We need to pay the Gods of inovation mega bucks .

    No one complains abot the silly money we pay to sports starts or rock stars do they?

    Or for that matter poifuckintiions

    Try telling this guy he dont deserve rewarding for this…

    Without reward there would be no great leap foward.

    AND YOU CAN TAKE THAT TO THE BANK IN denver COLAEADO,

  3. Malisha says:

    It’s as if there must be some contest for the most ridiculous psychotic shooting spree now. We’ve had the indignant manifesting virgin spree, now we have the dress-up Batman Nazi spree, we had the orange-hair in the movie theatre guy, is there some common thread here about how nuts you have to be in order to get armed to the teeth and shoot up a bunch of strangers?

  4. Malisha says:

    It sounds like a headline from the Onion:

    “White heterosexual married racist Nazis
    announce revolution, kill cop and shopper”

  5. crazy1946 says:

    Another link…

    http://www.infowars.com/media-links-las-vegas-shooters-to-bundy-ranch/

    With them being so quick to deny involvement, it causes me to suspect that they were indeed involved in the brain washing of these people to commit such a heinous crime… It takes a real coward to walk up behind a man and shoot him in the back of the head. Perhaps we should bring back the medieval custom of placing the heads of cold blooded murderers like this upon stakes on the courthouse lawn? At the least, put their bodies out for the buzzards, or would that be too cruel to the buzzards? Too harsh on my part?

  6. O/T: More gun insanity.

    5 dead in Las Vegas.

    2 shooters ambush and kill 2 cops at a pizzeria. Then they go to a WalMart where they kill a civilian and then commit suicide.

  7. crazy1946 says:

    Professor, For those of us who are not young, and rely totally on, or mostly on our SS income to survive, a rise in the minimum wage would be an extreme problem. If the minimum wage increases you will see the price of not only basic food necessities and transportation costs rise quickly, you will see the cost of “electric” and utilities along with basic rent go out of sight rapidly. The great thing is that we would (after at least a year or so) see a small rise in our check, which historically has never kept pace with the true rise in living expenses. It will even eliminate the use of pet food in meat loaf for many people to become cost prohibitive, as I’m writing this my poor dog is starting to get worried, especially since I told him I was fattening him up for a week end barbecue later in the summer… anyone up for wild dog burrito’s of fat cat taco’s? (sark…) 🙂

    • Malisha says:

      Wow, you’re rich. I’m only fattening up a chicken!

      • crazy1946 says:

        It’s would be a hard deal to pull off, he weighs a little over 110 lbs and is meaner than a rattle snake, so I might actually turn into lunch….

    • a2nite says:

      Everything is more expensive except for us. Wages have been suppressed & stolen by the greedy rotten rich.

      They also have made everything more expensive by bidding the price of everything up.

      America is an expensive third world country, on purpose.

  8. crazy1946 says:

    In years past the driving force behind wage growth was the union. That is why the rich are/were so much desiring to destroy/eliminate the union. Most people never realized that even the non union wages were somewhat controlled by the unions. As the union wage grew the common workers wage grew as well. Does anyone think the rich corporations paid their non union workers as much as they did out of the goodness of their hearts? No they did so because of fear that the workers would vote to unionize… As the GOP destroyed the union they caused (for their benefit) a stagnant wage market. However it does not really matter, because as you increase the income of the poor, you also increase the cost of living, so it is a no win situation regardless. It does benefit the government however, because taxes are based on income not cost of living of the person paying the taxes (leave off the earned income tax credit in that statement)… Simply said, if I was poor at $5.00 and hour when it took $5.50 an hour to live, I would still be poor if I made $15.00 and it cost me $17.50 per hour to live…

  9. I’ve always felt that wealth disparity in the US has been consciously planned and implemented. During the build-up to the real estate and banking bubble boom and bust, I always said this has to be purposely engineered. This stuff is happening by design, not by accident.

  10. J4TMinATL says:

    Just was reading that Seattle raised min wage to $15. What does everyone think about the basic income idea?

    I don’t know if I agree with the tax policy being a main cause. It’s all the barriers that are in place to get wealth.

    • Tax policy is part of a many-pronged problem. The wealthy are paying a smaller percentage of their wealth in taxes than the middle and working classes. Small time freelancers like myself pay a larger percentage in taxes than people with outside jobs because we pay for all our SS taxes, not just part. Many corporations are paying no taxes at all and hoarding wealth in offshore accounts. Wealth is not circulating the way it should be.

      • PS – Of course we have to have a much larger minimum wage that reflects the current cost of living. Keeping that low is also part of the plan to divide rich and poor.

      • crazy1946 says:

        Two sides to a story: While you pay the total % of you SS taxes, I would doubt that most self employed individuals pay as large of a % if taxes on their true income. Quite a bit of your income is tax deductible or exempt from taxes using legal deductions and exemptions that the normal working employee does not have access (in most cases). I was self employed most of my adult life, and I promise you, it is quite easy to reduce your taxable income without lowering your lifestyle by the use of the legal tax codes…

    • I support increasing the minimum wage to a liveable wage. Lower wages exploit workers and should be unlawful.

      Our economy will not recover until people have money to spend. Spending creates demand for goods and services. Increasing demand motivates employers to increase inventories and hire more people.

      Taxing the poor takes money out of the economy reducing demand for goods and services.

      According to Modern Monetary Theory (MMT), tax revenue is not necessary to finance or reduce national debt for a nation that issues its own currency.

      Government debt is basically irrelevant and austerity measures only benefit the rich at the expense of the middle class and the poor.

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